The continuous decline of commercial agricultural areas accompanied by a trend toward larger farms has increased competition for a scarce production factor in Germany: land. From 2000 to 2013, the purchase prices of agricultural land increased by 80 percent, according to the German Federal Statistical Office. This raises the question whether this development is the result of improved earnings in agriculture or whether the involvement of non-agricultural investors has driven up the price of land, leading to speculative bubbles. An analysis of 5,082 sales of agricultural land in Saxony-Anhalt in 2009 and 2010 shows that price hikes can be attributed to economic causes. There is no evidence of a significant inflationary impact from non-agricultural investors, nor any signs of a speculative bubble.